Question: Data below for the year ended December 31, 2018, relates to Houdini Inc. Houdini started business January 1, 2018, and uses the LIFO retail method

Data below for the year ended December 31, 2018, relates to Houdini Inc. Houdini started business January 1, 2018, and uses the LIFO retail method to estimate ending inventory, Beginning inventory Net purchases Cost $ 66,0 00 280, 000 Retail 104, $ 000 420 000 Net markups Net markdowns 20,0 00 40,0 00 375, 000 Net sales Estimated ending Inventory at retail is: $25,000 $65.000 $129,000 $169,600

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